Image: ShutterstockEconomic crime has resulted in global losses of $42 billion a year in the corporate sector, with South Africa accounting for $1.7 billion, according to PwC’s 2020 Global Economic Crime and Fraud Survey.
“What is coming out of the survey is that the corporates are starting to see that there are more serious consequences,” he says. “As a result, the organisations can no longer keep this house of cards going and as soon as there is a crack, the whole house crumbles.” Customer fraud refers to fraud committed by the end user and includes mortgage fraud, credit card fraud, claims fraud, cheque fraud, identity fraud and similar fraud types.“The rise of customer fraud is an indication of the erosion of the ethical fabric of our society,” the report notes.There has also been an increase in accounting and financial statement-related fraud, which has risen from 22% to 34%.
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